Cannabis Science, Inc., a pioneering U.S. biotech company developing pharmaceutical cannabis products, is pleased to announce that it has entered into an exclusive distribution agreement with Prescription Vending Machines Inc. (D.B.A. Medicine Dispensing Systems). Cannabis Science has also contracted with PVM’s principal, Vincent Mehdizadeh, to provide industry specific consulting and advisory services for the company.
Pursuant to the terms of the agreement, Cannabis Science will have certain worldwide rights as PVM’s exclusive and non-exclusive distributor of all PVM products and services in the Continents of Asia, Africa, North America, South America, Antarctica, Europe, and Australia/Oceania. The companies will share in the proceeds on placement of specialized cannabis dispensing machines and industry specific consulting services provided by PVM’s legal department for cannabis clinic operators in the jurisdictions that permit such activities. Cannabis Science shall solely derive additional revenue by licensing its formulations and products to existing PVM clinics as well newly formed clinics worldwide.
PVM, the only company in the world offering its proprietary blend of products and services, has generated $3.6 million dollars in revenues in the last 4 quarters alone. To date, PVM has provided consulting services to over 30 clinics in California and has helped to establish 70 clinics nationwide. Of these 100 clinics, 70 were turnkey assignments outfitted with Medbox machines and technology; 30 were established prior to the Medbox machine being available for sale. PVM has generated in excess of $4.5 million in consulting revenues and sales of Medbox systems.
Vincent Mehdizadeh, PVM’s President & CEO, remarked, “If Marijuana is to ever be taken seriously as a medicine, the industry needs to have a standard method of dispensing in place, similar to that found in the pharmacy industry. Our patented dispensing technology and software allows patients and marijuana outlets to work in concert with state and local authorities in order to promote overall integrity and legitimacy in the industry.”
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